London Stock Exchange welcomes Various Eateries PLC to AIM
London Stock Exchange today welcomes Various Eateries (VARE) to AIM.
Various Eateries owns, develops and operates restaurant sites in the United Kingdom. The Group's stated mission is "great people delivering unique experiences through continuous innovation". It is led by a highly experienced senior team including Andy Bassadone (Executive Chairman), Hugh Osmond (Founder), Yishay Malkov (CEO), Oliver Williams (CFO) and Matt Fanthorpe (Chef Director). The Group operates two core brands across ten locations: Coppa Club, a multi-use, all-day concept that combines restaurant, terrace, café, lounge, bar and work spaces; and Tavolino, a restaurant aiming to address a gap in the market for high quality Italian food at mid-market prices.
Various Eateries has successfully raised £25 million through a placing, giving it a market capitalisation on Admission of £65 million. The net proceeds will principally be used to advance the Group’s plans to roll out its Coppa Club and Tavolino brands and to fund future activities, possibly including acquisitions.
Hugh Osmond, founder of Various Eateries, commented:
“To be launching our flotation into the teeth of the worst crisis ever faced by the hospitality industry is an incredible achievement. It is a testament to the strength of the Various Eateries team and to our brokers, WH Ireland.
Adversity is the backdrop to the creation of many of the greatest ventures, not just in business but in life. I helped to build up PizzaExpress out of the UK recession of the early 1990s; we will build up Various Eateries out of the devastation caused by this current crisis.
I believe we have one of the best and most experienced teams ever put together in this industry. Between us we have run thousands of restaurants, pubs, clubs and hotels, and built some of the UK’s largest and most successful hospitality businesses over more than 27 years. We have seen good times and we have seen bad.
We will take new sites, build new venues, employ new people and create new places for people to go, on the high street and in local communities. Our industry creates entry level jobs for people just out of school or university: the only qualifications required are to be able to work hard and to be a nice person.
I am sad to see many high streets devastated by the turmoil in hospitality and retail. But we will take those empty sites and turn them into busy all-day community hubs suited for how people in the post-Covid 2020s will want to live.
Hospitality is about so much more than food and drink. Hospitality is about freedom, frivolity and fun; it is about providing places that human beings want to go to in order to meet other human beings, to socialise and to enjoy life.
To many, this crisis is an existential threat; but it is also a once-in-a-lifetime opportunity to build a new, major leisure business, based on how people want to live now.
That is why we are floating Various Eateries today and that is what we are raising money to try to achieve.”